KUALA LUMPUR, Nov 28 — Infrastructure developer Protasco Bhd’s managing director Datuk Seri Chong Ket Pen has won a contentious boardroom tussle for control of the company after shareholders voted at an extraordinary general meeting (EGM) today in his favour.
According to Protasco’s announcement on Bursa Malaysia, 89 per cent of company shareholders voted to reject the proposed resolution moved by director Tey Por Yee and Kingdom Seekers Ventures Sdn Bhd to remove Chong as director.
“We thank all the shareholders for this vote of confidence in the company and in the management,” Chong said in an emailed statement to Malay Mail Online.
“We are now focusing on getting back to business, and ensuring we deliver the strong performance that our shareholders have come to expect from us,” he added.
The EGM called by Kingdom Seekers Ventures and Tey today followed another EGM yesterday that saw Tey being sacked from the board of directors after 95 per cent of shareholders backed a resolution for his and Ooi Kock Aun’s removal.
Yesterday’s EGM was held after it was postponed from Wednesday when Tey and Ooi reportedly walked out during the meeting, claiming that the EGM was illegal.
Protasco’s main business operations are in the construction sector and has, to date, a 700 million orderbook. The company was first listed in 2003.